Nova (NASDAQ:NVMI) Stock Price Up 3.9% – Time to Buy?

Nova Ltd. (NASDAQ:NVMI) was up 3.9% on Tuesday . The stock traded as high as $207.27 and last traded at $207.06. Approximately 21,753 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 186,884 shares. The stock had previously closed at $199.28.

Analysts Set New Price Targets

Several brokerages have commented on NVMI. Needham & Company LLC reaffirmed a “hold” rating on shares of Nova in a research report on Friday, November 8th. Benchmark boosted their target price on shares of Nova from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Citigroup downgraded shares of Nova from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $273.00 to $224.00 in a research note on Monday, September 16th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.80.

Nova Stock Performance

The company’s fifty day simple moving average is $197.87 and its 200-day simple moving average is $208.82. The company has a market capitalization of $5.50 billion, a P/E ratio of 35.35, a PEG ratio of 1.97 and a beta of 1.47.

Institutional Trading of Nova

Hedge funds have recently bought and sold shares of the stock. Clal Insurance Enterprises Holdings Ltd raised its position in shares of Nova by 74.6% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,281,869 shares of the semiconductor company’s stock worth $267,487,000 after acquiring an additional 547,833 shares in the last quarter. Y.D. More Investments Ltd raised its holdings in Nova by 2,733.2% in the second quarter. Y.D. More Investments Ltd now owns 288,986 shares of the semiconductor company’s stock worth $67,510,000 after purchasing an additional 278,786 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Nova during the first quarter valued at about $38,661,000. Massachusetts Financial Services Co. MA lifted its position in shares of Nova by 45.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 645,203 shares of the semiconductor company’s stock valued at $151,319,000 after buying an additional 200,816 shares during the last quarter. Finally, Meitav Investment House Ltd. boosted its holdings in shares of Nova by 28.1% in the 2nd quarter. Meitav Investment House Ltd. now owns 556,839 shares of the semiconductor company’s stock valued at $130,258,000 after buying an additional 122,218 shares in the last quarter. Hedge funds and other institutional investors own 82.99% of the company’s stock.

About Nova

Nova Ltd. designs, develops, produces, and sells process control systems used in the manufacture of semiconductors in Israel, Taiwan, the United States, China, Korea, and internationally. Its product portfolio includes a set of metrology platforms for dimensional, films, and materials and chemical metrology measurements for process control for various semiconductor manufacturing process steps, including lithography, etch, chemical mechanical planarization, deposition, electrochemical plating, and advanced packaging.